Ethereum price has been struggling to break above the $3,650 resistance level and has started trimming gains. Currently, ETH is showing signs of a possible downside break and may decline below $3,450. The price is trading below $3,550 and the 100-hourly Simple Moving Average after failing to surpass the $3,620 level. A high was formed at $3,620 before a minor decline below $3,550.
A short-term rising channel with support at $3,540 was broken on the hourly chart of ETH/USD, indicating that the bulls are losing momentum. However, they are still active near the $3,485 support zone and the 50% Fib retracement level. If Ethereum fails to clear the $3,560 resistance, it could start another decline. The first major support level is at $3,450, and a clear move below that might push the price toward $3,420.
On the upside, Ethereum faces resistance near the $3,520 level, with the main resistance sitting at $3,620 or $3,650. An upside break above the $3,650 resistance could lead to further gains, with the next key resistance at $3,720. If ETH continues to rise, it could reach the $3,750 level and potentially target the $3,880 resistance zone in the coming days.
In terms of technical indicators, the MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI is below the 50 zone, suggesting a possible continuation of the downward trend. Overall, Ethereum is facing a challenging period in the short term, with the potential for further losses if it fails to break above key resistance levels.
In conclusion, Ethereum price has struggled to maintain its upward momentum and is now facing the possibility of a downside break below key support levels. Trimming gains from the $3,620 resistance zone, ETH is currently trading below the $3,550 level and the 100-hourly Simple Moving Average. The bulls are actively defending the $3,485 support zone, but a failure to clear the $3,560 resistance could lead to further losses. Traders should monitor the technical indicators and key support and resistance levels for potential trading opportunities in the coming days.